Seoul shares open higher on tech, auto gains

South Korean stocks opened higher Monday, led by big-cap tech and auto shares, as talks for the United States' debt ceiling deal were to resume soon. The benchmark Korea Composite Stock Price Index added 9.18 points, or 0.36 percent, to 2,546.97 in the first 15 minutes of trading. US President Joe Biden and House Speaker Kevin McCarthy are scheduled to meet Monday to seek a breakthrough regarding their debt ceiling negotiations, according to foreign media reports. On Friday, the negotiation

May 22, 2023

Osstem Implant plans for Kosdaq delisting

South Korea's largest dental implant maker announced Thursday it will discuss the firm's delisting from the secondary bourse Kosdaq at its extraordinary general meeting slated for June 28. Osstem Implant plans to initiate the delisting application process once the resolution is passed at the general meeting that will be attended by private equity funds Unison Capital Korea and MBK Partners, the firm's largest shareholders. The MBK Partners-Unison Capital Korea consortium has acq

May 19, 2023

Seoul shares open higher amid eased debt-ceiling woes

Seoul shares opened higher Friday, tracking Wall Street gains overnight, amid hopes that the US government will be able to avert a debt default. The benchmark Korea Composite Stock Price Index rose 10.5 points, or 0.42 percent, to 2,525.9 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.3 percent to 33,535.91, and the tech-heavy Nasdaq Composite climbed 1.5 percent to 12,688.84. The US government needs to lift the debt ceiling to cover its future spending pl

May 19, 2023

Seoul shares at over 2-week high on eased US default woes

South Korean stocks rose to an over two-week high Thursday as investor sentiment was buoyed by rising hopes that Washington would reach a deal on the debt ceiling. The Korean won gained ground against the greenback. The benchmark Korea Composite Stock Price Index rose 20.74 points, or 0.83 percent, to finish at 2,515.4. It is the highest closing point since 2,524.39 on May 2. Trading volume was moderate at 558.3 million shares worth 7.64 trillion won ($5.72 billion), with winners far outnumberin

May 18, 2023

Seoul shares open higher as debt-ceiling concerns ease

Seoul shares opened higher Thursday after US stocks rallied on optimism that a deal to raise the US debt ceiling is within reach. The benchmark Korea Composite Stock Price Index rose 15.4 points, or 0.62 percent, to 2,510.06 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average advanced 1.2 percent to 33,420.77, and the tech-heavy Nasdaq Composite climbed 1.3 percent to 12,500.57. The US government needs to lift the debt ceiling to cover its future spending plans and pr

May 18, 2023

Seoul shares finish up 0.58% on uncertainties

South Korean stocks finished a tad higher Wednesday as investors remained lukewarm amid lingering US debt woes and weaker-than-expected retail sales data. The Korean won gained ground against the greenback. The benchmark Korea Composite Stock Price Index added 14.42 points, or 0.58 percent, to close at 2,494.66. Trading volume was moderate at 555.6 million shares worth 7.07 trillion won ($5.28 billion), with gainers beating decliners 552 to 318. Foreign investors and institutions scooped up a co

May 17, 2023

Seoul shares open nearly flat on lingering US debt ceiling concerns

South Korean stocks started nearly unchanged Wednesday amid protracted US debt-ceiling negotiations. The benchmark Korea Composite Stock Price Index fell 0.11 point to 2,480.13 in the first 15 minutes of trading. On Wall Street, the Dow Jones Industrial Average tumbled 1.01 percent and the tech-heavy Nasdaq Composite declined 0.18 percent as investors awaited developments in the negotiations on debt deals. In Seoul, big caps traded in mixed territories. Top carmaker Hyundai Motor rose 0.74 perce

May 17, 2023

Seoul shares open higher amid US debt ceiling woes

South Korean stocks opened higher Tuesday as investor sentiment was buoyed by ongoing US debt ceiling negotiations. The benchmark Korea Composite Stock Price Index climbed 16.3 points, or 0.66 percent, to 2,495.65 in the first 15 minutes of trading. US stocks finished a tad higher overnight on rising optimism that Washington would reach a debt ceiling deal. The Dow Jones Industrial Average rose 0.14 percent, and the tech-savvy Nasdaq Composite went up 0.66 percent. In Seoul, market bellwether Sa

May 16, 2023

BOK, Samsung join hands for offline payment using CBDC

The Bank of Korea and Samsung Electronics on Monday have joined hands to develop Central Bank Digital Currency technology that enables transactions to be made without internet access. The two sides signed a memorandum of understanding at Samsung’s headquarters in Suwon, Gyeonggi Province to strengthen their partnership on the development of CBDC, a form of digital currency issued by the central bank, as well as a solution for offline transactions using the virtual money. Samsung Electroni

May 15, 2023

Seoul shares inch up amid US debt ceiling woes

South Korean stocks snapped a four-day losing streak to close marginally higher Monday, amid concerns over the dispute over the US debt ceiling between the US government and Congress. The local currency edged down against the US dollar. After swerving in and out of negative terrain, the benchmark Korea Composite Stock Price Index finished up 3.93 points, or 0.16 percent, to 2,479.35. Trading volume was light at 475.7 million shares worth 6.8 trillion won ($5.08 billion), with decliners outnumber

May 15, 2023

Seoul shares open lower amid US debt ceiling woes

South Korean stocks opened slightly lower Monday, as growing worries over the debt ceiling standoff between the US government and Congress weighed on investor sentiment. The benchmark Korea Composite Stock Price Index slipped 4.10 points, or 0.17 percent, to 2,471.32 in the first 15 minutes of trading. The Joe Biden administration and a divided Congress have yet to reach an agreement over raising the US government's $31.4 trillion borrowing limit, with the Congressional Budget Office warnin

May 15, 2023

Hanwha Aerospace, KT added to MSCI Korea Index

Four Korean companies -- Hanwha Aerospace, Cosmo Advanced Materials, KT and Posco International -- were included to the Korean index powered by US index provider Morgan Stanley Capital International on Friday. The much-anticipated inclusion of battery material firm EcoPro fell through due to its recent "extreme" price surge. Hanwha Aerospace, the space business arm of South Korean conglomerate Hanwha; battery material firm Cosmo Advanced Materials; telecommunications firm KT; and Pos

May 12, 2023

Seoul shares down for 4th day amid rate hike woes

Seoul shares ended lower to extend their losing streak to a fourth day Friday as investors remain concerned about the Federal Reserve taking further tightening steps. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 15.58 points, or 0.63 percent, to 2,475.42. The Kospi has shed 1 percent this week. Trading volume was moderate at 782.19 million shares worth 8.21 trillion won ($6.2 billion), with decliners outnumbering gainers 650 to 233. Institutions

May 12, 2023

Seoul shares open lower amid rate hike worries

Seoul shares opened lower Friday as investors remain concerned about the US Federal Reserve taking further tightening steps. The benchmark Korea Composite Stock Price Index fell 11.57 points, or 0.46 percent, to 2,479.43 in the first 15 minutes of trading. Institutions and foreigners sold a combined 115 billion won ($86 million) worth of stocks, offsetting individuals' stock purchases valued at 114 billion won. In Seoul, large-cap stocks declined across the board. Market bellwether Samsung

May 12, 2023

Seoul shares down for 3rd day despite eased US inflation

Seoul shares ended lower to extend their losing streak to a third day Thursday as investors remain watchful on whether the US Federal Reserve will put its policy rate on hold next month following improved US inflation data. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 5.51 points, or 0.22 percent, to 2,491.00. Trading volume was moderate at 635.97 million shares worth 8.82 trillion won ($6.6 billion), with gainers outnumbering decliners 502 to 3

May 11, 2023

NHN records on-year profits in Q1

South Korean information technology company NHN Corp. on Thursday said its first-quarter operating profit rose 23.1 percent on-year to 19.1 billion won ($14.5 million) mainly owing to steady growth in the revenue of its gaming and payment services. Net income came to 25.6 billion won ($19.3 million), turning from a loss of 4.5 billion won during the first quarter of 2022, according to the company’s regulatory filing. Meanwhile, total sales increased 5.4 percent on-year to 548.3 billion won

May 11, 2023

Seoul shares open higher after eased US inflation data

Seoul shares opened higher Thursday as investors expect the Federal Reserve to put its rate hike march on hold following eased US consumer inflation data. The benchmark Korea Composite Stock Price Index rose 10.36 points, or 0.4 percent, to 2,506.87 in the first 15 minutes of trading. Individuals bought a net 22.2 billion won ($17 million) worth of stocks, offsetting institutions and foreigners' stock selling valued at 22 billion won. In Seoul, tech, auto and airline stocks led gains. Marke

May 11, 2023

Mirae Asset Securities becomes trading member of Singapore Exchange

Mirae Asset Securities announced Wednesday that its Singapore branch has officially become the 28th securities trading member of the Singapore Exchange. It is the first Korean financial investment company to do so. As a member, Mirae Asset can now trade various financial products within the Singapore Exchange on behalf of its customers. Other notable members include Credit Suisse Securities, Goldman Sachs Futures and HSBC Securities. “Our trading membership will help us earn trust within t

May 10, 2023

Apple Pay available at Starbucks stores

Starbucks Korea, Korea’s top specialty coffee chain, now accepts Apple Pay, Apple’s mobile payment service, as of Tuesday. Starbucks Korea is the second retailer under Korean retail giant Shinsegae Group to implement the near-field communication system for Apple Pay following E-mart24, Shinsegae’s local convenience store. Apple Pay landed in Korea on March 21 with local partner Hyundai Card. “Ninety-six percent of Starbucks cafes, except for the 40 located inside departme

May 10, 2023

Seoul shares end lower amid US inflation data, default woes

South Korean stocks finished a tad lower Wednesday due to rising uncertainties over the upcoming US. inflation data and worries about the US debt ceiling. The benchmark Korea Composite Stock Price Index went down 13.55 points, or 0.54 percent, to 2,496.51. Trading volume was moderate at 623.6 million shares worth 8.76 trillion won ($6.61 billion), with decliners outnumbering gainers 475 to 388. Foreign investors bought 120.7 billion won worth of local stocks, while institutions dumped 123.2 bill

May 10, 2023